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United Spirits Limited
(UNITDSPR)
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Rating:66Neutral
Price Target:
₹1,637.00
▲(20.31% Upside)
Action:Downgraded
Date:05/16/26
The score is primarily supported by strong financial performance—especially a very low-leverage balance sheet and consistently high returns—tempered by FY2026 revenue softness and some cash-flow variability. Technicals are mixed with negative MACD and price below longer-term averages, and the elevated P/E with modest dividend yield weighs on valuation.
Positive Factors
Low leverage & strong ROE
A materially lower debt-to-equity ratio and consistently high ROE provide durable financial flexibility. This capital structure reduces refinancing and interest-rate risk, allows sustained investment in brand and distribution, and supports strategic initiatives without relying on aggressive external funding.
Negative Factors
FY2026 top-line softness
A decline in revenue in FY2026, coupled with year-over-year margin pressure, suggests demand or pricing challenges. If top-line softness persists, it could erode the recent margin gains and constrain reinvestment in premiumization and distribution expansion over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage & strong ROE
A materially lower debt-to-equity ratio and consistently high ROE provide durable financial flexibility. This capital structure reduces refinancing and interest-rate risk, allows sustained investment in brand and distribution, and supports strategic initiatives without relying on aggressive external funding.
Read all positive factors
United Spirits Limited (UNITDSPR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.10T
Dividend Yield1.12%
Average Volume (3M)33.02K
Price to Earnings (P/E)64.9
Beta (1Y)0.56
Revenue Growth2.43%
EPS Growth11.43%
CountryIN
Employees2,598
SectorGeneral
Sector StrengthN/A
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)25.87
Shares Outstanding727,350,800
10 Day Avg. Volume56,888
30 Day Avg. Volume33,024
Financial Highlights & Ratios
PEG Ratio2.91
Price to Book (P/B)9.66
Price to Sales (P/S)6.94
P/FCF Ratio64.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,494.33Price Target Upside9.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)26.81
Revenue Forecast (FY)₹137.63B
United Spirits Limited Business Overview & Revenue Model
Company Description
United Spirits Limited, an Indian enterprise, specializes in the manufacturing, procurement, and distribution of a wide array of alcoholic beverages and spirits across India and globally. Its product range features various categories such as Scotc...
How the Company Makes Money
United Spirits makes money primarily by selling branded spirits to the trade (distributors, wholesalers, and retailers) in India. Its core revenue stream is the sale of its owned brands across categories (with whisky typically being the largest po...
United Spirits Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
71
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 124.67B | 120.13B | 112.59B | 105.54B | 96.55B |
| Gross Profit | 48.69B | 55.25B | 51.17B | 43.70B | 42.34B |
| EBITDA | 26.66B | 25.07B | 22.08B | 16.66B | 14.78B |
| Net Income | 18.38B | 15.82B | 14.08B | 11.37B | 8.29B |
Balance Sheet | |||||
| Total Assets | 144.69B | 132.48B | 112.49B | 97.61B | 89.11B |
| Cash, Cash Equivalents and Short-Term Investments | 31.34B | 28.98B | 18.61B | 11.34B | 2.77B |
| Total Debt | 4.13B | 4.80B | 2.65B | 1.83B | 6.05B |
| Total Liabilities | 55.12B | 51.44B | 41.28B | 37.62B | 40.37B |
| Stockholders Equity | 89.53B | 81.04B | 71.21B | 59.99B | 49.54B |
Cash Flow | |||||
| Free Cash Flow | 13.45B | 17.85B | 10.20B | 4.78B | 8.43B |
| Operating Cash Flow | 15.26B | 19.47B | 11.18B | 6.15B | 9.77B |
| Investing Cash Flow | -4.95B | -11.14B | 2.26B | -550.00M | -3.13B |
| Financing Cash Flow | -14.50B | -5.57B | -4.07B | -5.00B | -6.88B |
United Spirits Limited Technical Analysis
Positive
1360.70
Price Trends
1345.62
Positive
1320.34
Positive
1348.63
Positive
Market Momentum
45.82
Negative
73.30
Negative
87.76
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UNITDSPR, the sentiment is Positive. The current price of 1360.7 is below the 20-day moving average (MA) of 1426.13, above the 50-day MA of 1345.62, and above the 200-day MA of 1348.63, indicating a bullish trend. The MACD of 45.82 indicates Negative momentum. The RSI at 73.30 is Negative, neither overbought nor oversold. The STOCH value of 87.76 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:UNITDSPR.
United Spirits Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹582.44B | 82.60 | ― | 0.22% | 19.30% | 76.30% | |
66 Neutral | ₹1.10T | 64.95 | ― | 0.83% | 2.43% | 11.43% | |
62 Neutral | ₹173.56B | 78.42 | ― | 0.58% | -35.98% | -8.01% | |
56 Neutral | ₹15.32B | 17.64 | ― | 0.21% | -5.25% | -10.44% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹25.66B | 25.48 | ― | 0.28% | 7.88% | 295.69% | |
46 Neutral | ₹115.05B | -363.40 | ― | 0.23% | 103.28% | -108.93% |
* General Sector Average
IN:UNITDSPR
United Spirits Limited
1,515.90
192.57
14.55%
IN:ABDL
Allied Blenders and Distillers Limited
620.50
95.46
18.18%
IN:ASALCBR
Associated Alcohols & Breweries Ltd.
762.90
-277.75
-26.69%
IN:GLOBUSSPR
Globus Spirits Limited
882.30
-349.83
-28.39%
IN:RADICO
Radico Khaitan Limited
4,347.15
1,554.89
55.69%
IN:TI
Tilaknagar Industries Limited
464.90
-47.64
-9.29%
United Spirits Limited Corporate Events
United Spirits Q1 FY27 profit climbs on stronger revenue
Jul 22, 2026
United Spirits Limited reported unaudited standalone financial results for the quarter ended 30 June 2026, with revenue from operations of ₹6,113 crore and total income of ₹6,335 crore, up from ₹5,884 crore a year earlier. Profit...
United Spirits Shuts Hyderabad Manufacturing Unit After Excise License Transfer
Jul 8, 2026
United Spirits Limited has formally confirmed the closure of factory operations at its manufacturing unit in Venkateshwara Nagara, Malkajgiri, Hyderabad, effective 8 July 2026, following an earlier intimation issued on 4 June 2026. The move comes ...
United Spirits to Join Citi and J.P. Morgan Investor Conferences on 17 June 2026
Jun 10, 2026
United Spirits Limited has scheduled participation in two key investor conferences on 17 June 2026, namely Citi’s 2026 India Consumption Tour and the J.P. Morgan India Consumer Fireside Chat. The company emphasized that these meetings with a...
United Spirits tweaks buyer mix in Rs 166.6 bn Royal Challengers stake sale
May 11, 2026
United Spirits Limited has executed an amended and restated share purchase agreement to facilitate the sale of its stake in Royal Challengers Sports Private Limited, correcting an earlier disclosure date and reorganising the purchaser consortium. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.